Several Indigenous communities in New Brunswick will become equity shareholders in two companies developing small modular reactor technology.
North Shore Mi’kmaq Tribal Council (NSMTC) has signed equity agreements with Moltex Energy and ARC Clean Technology.
The agreements, which were announced Monday in Saint John, are described as historic in the field of small modular reactor technology in Canada.
“It’s important that First Nations be involved in this technology as stewards of the land, and that’s what we are,” said Chief Terry Richardson of the Oinpegitjoig (Pabineau) First Nation near Bathurst.
Oinpegitjoig is one of seven communities that are part of the North Shore Mi’kmaq Tribal Council. The others include Ugpi’Ganjig (Eel River Bar), Natoaganeg (Eel Ground), L’nui Menikuk (Indian Island), Tjipogtotjg (Bouctouche), Metepenagiag (Red Bank), and Amlamgog (Fort Folly).
The council and its member communities are making financial investments in both Moltex and ARC via separate agreements.
In return, they will receive $2 million in share value from Moltex and $1 million in share value from ARC.
“While details are confidential, both deals have been structured in recognition of the key role First Nations play in New Brunswick’s energy future,” said a joint news release.
Rory O’Sullivan, CEO of Moltex, said these agreements are about much more than money.
“It’s about taking a collective step toward the future where clean energy powers our homes and businesses, it’s about protecting our natural resources — the air, land and water — and it’s about empowering people in communities while respecting traditional values,” said O’Sullivan.
Bill Labbe, president and CEO of ARC, said building and maintaining relationships with Indigenous communities is an important priority for his company.
“As true partners, the First Nations members of North Shore Mi’kmaq Tribal Council will benefit from our success here in New Brunswick and beyond, paving the path towards a sustainable and prosperous future for all,” said Labbe.
With the National Day for Truth and Reconciliation just days away, Richardson said these agreements are a perfect example of economic reconciliation.
The chief said while there is always a financial risk, his communities feel confident in the investments they have made.
“We weighed those risks and we feel that the technology is sound, it’s something that we need to move forward on. It’s an opportunity for First Nations to be involved at the ground level,” said Richardson.
Meanwhile, the Atlantic Centre for Energy said it supports the equity agreements announced on Monday.
President Michelle Robichaud said partnerships with Indigenous stakeholders are important components of future energy projects in the province.
“The NSMTC, ARC Clean Technology and Moltex together demonstrate that responsibly developed energy projects can coexist with the environment, economic reconciliation and community interests,” Robichaud said in a news release.
ARC hopes to have its small modular reactor deployed at NB Power’s Point Lepreau Nuclear Generating Station by the end of the decade, while Moltex is aiming for the early 2030s.
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